Sovereign Wealth Fund Act

28. Composition of the Board

Edition: 2026-07-24 · In force

(1)The Board shall consist of—

(a)a Chairperson appointed by the President;

(b)the Principal Secretary to the National Treasury or a representative appointed by the Principal Secretary in writing;

(c)the Principal Secretary responsible for mining or a representative appointed by the Principal Secretary in writing;

(d)the Principal Secretary responsible for petroleum or a representative appointed by the Principal Secretary in writing;

(e)the Governor of the Central Bank of Kenya or a representative appointed by the Governor in writing;

(f)four other persons, not being public officers, appointed by the Cabinet Secretary through a competitive process; and

(g)the Chief Executive Officer who shall be an ex officio member with no right to vote at the meetings of the Board.

(2)The Cabinet Secretary shall, in appointing members of the Board under subsection (1)(f), ensure that—

(a)not more than two-thirds of the appointees are of the same gender; and

(b)the appointments reflect the regional and ethnic diversity of Kenya.

(3)The appointment of the Chairperson and the members of the Board under subsection (1)(a) and (f) shall be by notice in the Gazette.

(4)The Board may co-opt not more than two other members who have necessary expertise to assist the Board in dispensing with any matter.